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    401 3rd St, Rapid City, SD 57701

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    For Lease
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    Office suites available for lease in Rapid City, SD.

    Type:Office
    Property size:
    650 SF
    Added:
    Aug 20, 2018
    Days on Market:
    2830
    Last Refresh:
    Mar 17 at 1:13 pm

    Property Features for 401 3rd St

    General Information

    Standard status
    Active
    Size
    650 SF
    Property subtype
    Office

    Building Details

    Year Built
    1948

    Spaces For Lease

    at 401 3rd St Contact us

    Suite 7 $10/Mo

    Size
    450 SF
    Type
    Office
    450 SF office suite available in convenient downtown building on the corner of 3rd...
    show more
    Contact us

    Suite 10 $10/Mo

    Size
    650 SF
    Type
    Office
    650 SF office suite available in convenient downtown building on the corner of 3rd...
    show more
    Contact us

    Suite 8 $10/Mo

    Size
    450 SF
    Type
    Office
    450 SF office suite available in convenient downtown building on the corner of 3rd...
    show more
    Contact us

    We can help!

    Listing Contact
    Chris Long
    Chris Long

    Listing agent Chris Long License #SD 14881

    Listing office Keller Williams Realty Black Hills

    Listing date Aug 20, 2018

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Black Hills

    HighLights

    • Multiple suite options available (450 SF and 650 SF) to suit different space needs.
    • Affordable lease rates: $400/month + utilities for 450 SF suites, $550/month + utilities for 650 SF suite.
    • Suite 10 (650 SF) offers a reception area, two private offices, and storage.
    • Suite 8 (450 SF) features a private office and two connected work areas.
    • Suite 7 (450 SF) is a private loft/studio space with natural light.
    • Building constructed in 1948.

    Overview

    Office suites are available for lease. Suite 7 offers 450 square feet of loft-style studio space with a window, positioned in a private area. The open layout benefits from natural light. Suite 8 provides 450 square feet divided into three offices, each measuring 16 feet by 9 feet. It includes one private office and two connected work areas with interior windows facing the common-area corridor, supporting separation without full enclosure. Suite 10 features 650 square feet with two private offices, a reception area or front office, and a small storage or closet room. This suite is suitable for a small professional office or shared workspace. The property is located in Rapid City, SD.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kato Studios Artist Davanzo Medical Group Medical Group Nichole Rose Photography (Bike/Boat/Book/etc) Store C CLEAN CORP Hardware & Home Improvement Confirmed Portable Toilet ... Building Supply

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rapid City
    County
    Pennington
    State
    South Dakota
    Longitude
    -103.2215702
    Latitude
    44.0805892

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    FAQs

    What type of property is this?
    Office units - Office suites available for lease in Rapid City, SD.
    Where is this office units located?
    The property is located at 401 3rd St Rapid City, SD.
    What are key features of this property?
    This property features: Multiple suite options available (450 SF and 650 SF) to suit different space needs.; Affordable lease rates: $400/month + utilities for 450 SF suites, $550/month + utilities for 650 SF suite.; Suite 10 (650 SF) offers a reception area, two private offices, and storage.
    (605) 939-4489 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Chris Long
    Chris Long
    Real Estate License ID: SD 14881
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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